2168245
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where to enter purchase closing cost as cost basis on sale of a rental converted from primary

I converted primary home to rental for 2 years and sold in 2020.  I'm using Turbotax premier.  Where to enter the closing cost paid at purchase?  I paid real estate commissions on purchase so it's a material amount to add to the cost basis.  I tried to add as a separate asset in the rental disposition section and Turbotax asks in service date treating it as asset or improvement.  But purchase closing cost doesn't amortize, does it?

 

Purchase closing cost.JPG

 
 

Thanks

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
ColeenD3
Expert Alumni

Where to enter purchase closing cost as cost basis on sale of a rental converted from primary

Do not include a separate asset, simply add it to the basis of the property.

 

Carl
Level 15

Where to enter purchase closing cost as cost basis on sale of a rental converted from primary

Your amortized costs are only entered in the assets/depreciation section when you purchase the property. When you sell the property it just gets added to the cost basis of the property, or included in your sales expenses.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question